丨证券研究报告丨 行业研究丨专题报告丨银行 [Table_Title] 从主动基金 Q4 持仓看配置思路 ——银行股配置重构系列九 报告要点 [Table_Summary] 2025Q4 主动基金并未进一步减仓银行股，配置比例环比基本稳定，主要反映市场风险偏好回 落。但我们预计 2026Q1 配置比例可能进一步降低，主要风险偏好大幅回升，银行股年初的相 对收益明显落后。从 2025Q4 个股配置比例来看，基本面趋势成为核心选股思路，确立零售资 产质量拐点和业绩预期向好的宁波银行获得明显加仓，今年以来领涨。近期宽基指数基金流出 等资金面因素造成银行股超跌，建议把握优质城商行低位的配置机会。 分析师及联系人 [Table_Author] 马祥云 盛悦菲 SAC：S0490521120002 SAC：S0490524070002 SFC：BUT916 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 从主动基金2]Q4 持仓看配置思路 ——银行股配置重构系列九 [Table_Summary2] 2025Q4 主动基金并未明显减仓银行股，预计今年 ...

Market Performance - The city commercial bank sector increased by 0.13% compared to the previous trading day, with Qingdao Bank leading the gains [1] - The Shanghai Composite Index closed at 4139.9, up 0.18%, while the Shenzhen Component Index closed at 14329.91, up 0.09% [1] Individual Stock Performance - Qingdao Bank (002948) closed at 4.61, up 2.22% with a trading volume of 820,200 shares and a transaction value of 376 million [1] - Ningbo Bank (002142) closed at 30.55, up 0.86% with a trading volume of 507,200 shares and a transaction value of 1545 million [1] - Hangzhou Bank (600926) closed at 15.69, up 0.71% with a trading volume of 837,900 shares and a transaction value of 1323 million [1] - Qilu Bank (601665) closed at 5.59, up 0.54% with a trading volume of 649,200 shares and a transaction value of 363 million [1] - Chongqing Bank (601963) closed at 10.36, up 0.39% with a trading volume of 91,200 shares and a transaction value of 94.52 million [1] - Shanghai Bank (601229) closed at 9.27, up 0.11% with a trading volume of 635,000 shares and a transaction value of 593 million [1] - Other banks such as Changsha Bank, Xiamen Bank, and Suzhou Bank showed minimal changes in their stock prices [1] Capital Flow - The city commercial bank sector saw a net inflow of 404 million from main funds, while retail investors experienced a net outflow of 4.15 billion [2] - The main funds' net inflow and outflow for individual banks varied, with Ningbo Bank and Jiangsu Bank showing significant inflows [3] - Retail investors showed notable outflows in several banks, indicating a shift in investment sentiment [3]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：601838 证券简称：成都银行 公告编号：2026-002 成都银行股份有限公司 首次公开发行限售股上市流通公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ● 本次股票上市类型为首发股份；股票认购方式为网下，上市股数为7,377,158股。 三、本次限售股上市流通的有关承诺 本次股票上市流通总数为7,377,158股。 ● 本次股票上市流通日期为2026年2月2日（因2026年1月31日为非交易日，故顺延至2026年2月2日）。 一、本次限售股上市类型 经中国证券监督管理委员会（以下简称"中国证监会"）《关于核准成都银行股份有限公司首次公开发行 股票的批复》（证监许可〔2017〕2339号）核准，成都银行股份有限公司（以下简称"本公司"、"成都 银行"）向社会首次公开发行人民币普通股（A股）股票361,225,134股，并于2018年1月31日在上海证券 交易所挂牌上市。首次公开发行后，本公司总股本为3,612,251,334股，其中有限售 ...

央行官网发布公告，《中国人民银行残缺污损人民币兑换办法》已于2025年12月12日经央行2025年第18 次行务会议审议通过。该办法明确金融机构需无偿为公众办理残缺污损人民币兑换业务，不得拒绝。特 殊原因形成的残缺污损人民币兑换，由央行分支机构指定金融机构办理。办法还划定了兑换标准与不予 兑换的情形，进一步完善兑换流程。旧版办法及相关通知将随新办法施行同步废止。 2、多省份官宣调降商业用房购房贷款最低首付比例 1、新版残缺污损人民币兑换办法3月31日起正式施行 中国人民银行陕西省分行发布通知，自2026年1月23日起，当地商用房房贷最低首付比例调至不低于 30%。此次政策并非陕西独有，广东（不含深圳）、湖南、湖北等四省份也已同步发布调降通知。该政 策覆盖商业用房及商住两用房，是各地落实房地产金融调控的具体举措。目前相关政策已在上述地区正 式落地，助力商业地产市场平稳发展。此次调降进一步优化了商用房信贷政策，降低了相关购房资金门 槛。 3、马年贺岁纪念币钞兑换火爆，二手市场溢价超80% 1月26日，欢迎关注《银行今十条》，今日银行重要信息一览： 6、董方获批担任招银理财董事、总裁 国家金融监督管理总局发布正式批 ...

1月26日金融一线消息，成都银行发布公告，167名股东合计所持738万股首发股份将于2026年2月2日上 市流通，占公司总股本的0.17%。 1月26日金融一线消息，成都银行发布公告，167名股东合计所持738万股首发股份将于2026年2月2日上 市流通，占公司总股本的0.17%。 责任编辑：秦艺 责任编辑：秦艺 ...

证券代码：601838 证券简称：成都银行 公告编号：2026-002 成都银行股份有限公司 首次公开发行限售股上市流通公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为首发股份；股票认购方式为网下，上市股 数为7,377,158股。 本次股票上市流通总数为7,377,158股。 本次股票上市流通日期为2026 年 2 月 2 日（因 2026 年 1 月 31 日为非交易日，故顺延至 2026 年 2 月 2 日）。 一、本次限售股上市类型 本次上市流通的限售股为本公司首次公开发行限售股，共计 7,377,158 股，共涉及 167 名股东，锁定期为自本公司股票上市之日起 96 个月，该部分限售股将于 2026 年 2 月 2 日（因 2026 年 1 月 31 日为 非交易日，故顺延至 2026 年 2 月 2 日）锁定期届满并上市流通。 二、本次限售股形成后至今公司股本数量变化情况 经中国证券监督管理委员会《关于核准成都银行股份有限公司公 开发行可转换公司债券的批复》（证监许可〔 ...

中信建投证券股份有限公司 关于成都银行股份有限公司 首次公开发行股票部分限售股解禁上市流通的核查意见 中信建投证券股份有限公司（以下简称"中信建投证券"、"保荐人"）作为 成都银行股份有限公司（以下简称"成都银行"、"公司"）首次公开发行股票的 持续督导机构，根据《证券发行上市保荐业务管理办法》《上海证券交易所股票 上市规则》以及《上海证券交易所上市公司自律监管指引第 11 号——持续督导》 等有关规定，对成都银行首次公开发行股票部分限售股份解禁上市流通事项进行 了核查，发表核查意见如下： 一、本次上市流通的限售股类型 经中国证券监督管理委员会（以下简称"中国证监会"）《关于核准成都银行 股份有限公司首次公开发行股票的批复》（证监许可〔2017〕2339 号）核准，成 都银行向社会首次公开发行人民币普通股（A 股）股票 361,225,134 股，并于 2018 年 1 月 31 日在上海证券交易所挂牌上市。首次公开发行后，成都银行总股本为 3,612,251,334 股，其中有限售条件流通股 3,251,026,200 股，无限售条件流通股 361,225,134 股。 人民币 7,995,091,000 ...

（记者 王晓波） 每经头条（nbdtoutiao）——国际金价冲破5000美元！7年涨了280%，什么时候才见顶？专家：关键还 看美元，重点关注国际货币体系、降息和科技革命 每经AI快讯，成都银行1月26日晚间发布公告称，公司限售股份约737.72万股将于2026年2月2日解禁并 上市流通，占公司总股本比例为0.17%。 ...

Investment Rating - The report maintains an "Overweight" rating for the securities and banking sectors, while also recommending the insurance sector [8]. Core Insights - The market remains active with an average daily trading volume of 28 trillion yuan in A-shares, and the financing balance stabilizing at 2.7 trillion yuan. However, the ETF market has experienced significant volatility, with major outflows from core broad-based ETFs [11][16]. - The sentiment for market bullishness is strong, and the spring rally is expected to continue, particularly in the insurance sector where beta trading opportunities are anticipated [2][26]. - The central bank's governor indicated that there is still room for interest rate cuts, with the latest Loan Prime Rate (LPR) remaining unchanged for eight consecutive months [11][32]. Securities Sector Summary - The report highlights a positive outlook for the securities sector, with several brokerages reporting significant profit growth for 2025. The recommendation includes top brokerages such as CITIC Securities, Guotai Junan, and GF Securities [2][12]. - The average daily trading volume in the A-share market is noted at 28 trillion yuan, with a stable financing balance, indicating a recovery opportunity for the brokerage sector [11][12]. Insurance Sector Summary - The report suggests focusing on quality leading companies in the insurance sector, as the market sentiment remains strong and the spring rally is expected to continue [26][27]. - The insurance sector's fund holdings have increased, with major stocks like Ping An and China Life being highlighted for their significant market presence [27][31]. Banking Sector Summary - The banking sector is characterized by stable performance, with several banks reporting positive earnings forecasts for 2025. The report recommends quality individual stocks such as Nanjing Bank and Chengdu Bank [3][40]. - The central bank's comments on potential interest rate cuts and the expansion of wealth management products indicate a favorable environment for banks [32][33]. - The report notes a decline in bond allocations within bank wealth management products, with an increase in deposits and funds [37][34].

Investment Rating - The report maintains an "Overweight" rating for both the banking and securities sectors [6]. Core Insights - The financial sector shows a strategic allocation opportunity, with increased fund positions in banking, securities, and insurance stocks [1][5]. - The banking sector's fund position has slightly increased, indicating a return of risk appetite among investors [2][13]. - The securities sector is experiencing a recovery in fund positions, driven by market activity and performance expectations [3][5]. - The insurance sector has seen a significant increase in fund positions, with major insurance stocks being favored by investors [4][5]. Summary by Sections Banking Sector - As of Q4 2025, the banking sector's fund position increased by 0.04 percentage points to 1.89%, with large banks and joint-stock banks seeing gains, while city commercial banks experienced a decline [2][13]. - The top three heavy-weighted stocks in the banking sector account for 46.0% of the total fund position, indicating a concentration in holdings [13][27]. - The dividend yield for A/H shares in the banking sector is approximately 4.87%/4.88%, making it attractive compared to the 10-year government bond yield of 1.83% [5]. Securities Sector - The securities sector's fund position rose by 0.10 percentage points to 0.72%, although it remains at a historically low level [3][5]. - Major securities firms like CITIC Securities and Guotai Junan have been favored for their performance potential amidst market recovery [5][8]. - The average price-to-book ratio for large and small securities firms is 1.44x and 1.67x, respectively, indicating they are trading at 27% and 42% of their historical averages [5]. Insurance Sector - The insurance sector's fund position increased by 0.94 percentage points to 1.72%, with major stocks like Ping An and China Pacific receiving significant increases in holdings [4][5]. - The insurance index's price-to-book ratio is at 1.53x, which is at the 40th percentile of valuations since 2014, suggesting potential for valuation recovery [4][5]. - Strong sales performance in life insurance is noted, with a focus on high-elasticity stocks as key investment opportunities [4].